Trust & Estate Mastery Series: Estate Elections and Administration (2 hours - late morning) - NEW! - Webcast

Overview

Estates are also taxed under Subchapter J but they are different from trusts, including revocable trusts used for estate administration. In this session you will learn about the deductions and elections that are unique to probate estates, how and when to use the IRC 645 election to treat a revocable living trust as part of an estate, accounting for income in respect of a decedent (IRD), and how to coordinate income and deductions between the final 1040, the estate tax return, and the trust income tax return.

This event is part of the Trust & Estate Mastery Series Bundle. There are 10 courses included in the bundle designed to equip CPAs, tax preparers, and fiduciary professionals with a complete understanding of trust taxation—from the basics to advanced concepts.

Each course is a stand-alone topic. If you miss one in the series, no worries! Purchase individual courses or purchase the Trust & Estate Mastery Series Bundle and save up to $150!

Highlights

• Overview of estate taxation under Subchapter J
• Key differences between estates and trusts for income tax purposes
• Unique deductions available to probate estates
• Administrative expense deductions and allocation choices
• Elections available exclusively to estates
• IRC §645 election: treating a revocable trust as part of the estate
• Timing, mechanics, and planning considerations for the §645 election
• Income in Respect of a Decedent (IRD): identification and reporting
• Deduction for estate tax attributable to IRD (IRC §691(c))
• Coordinating income and deductions across final Form 1040, Form 1041, and Form 706
• Practical administration strategies and compliance considerations

Prerequisites

Basic understanding of individual taxation

Designed For

CPAs, tax preparers, and fiduciary professionals who want to understand trust taxation-from the basics of trust structure and document intrepretation to advanced concepts.